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SWELECTES: Postal Ballot Results - Director Appointments & Remuneration
SWELECT Energy Systems announced the results of its postal ballot, approving key management appointments and related remuneration. Mr. R Chellappan is appointed as Whole-time Director and Vice Chairman for 5 years, with a remuneration not exceeding ₹20,10,000 per annum plus commission. Dr. Arulkumar Pudur Shanmugasundaram is appointed as CEO and Managing Director for 5 years, with remuneration not exceeding ₹3,50,00,000 per annum. The company also approved material related party transactions with its subsidiary, ESG Green Energy Private Limited.
Key Highlights
R Chellappan's remuneration not to exceed ₹20,10,000 per annum.
Commission for R Chellappan @ 0.25% of the Net Profits of the Company.
Arulkumar Pudur Shanmugasundaram's remuneration not to exceed ₹3,50,00,000 per annum.
Appointment of Mr. Gnanasekar Sukumar Samuel as a Non-Executive, Non-Independent Director.
💼 Action for Investors
Investors should monitor the performance of the newly appointed executives and the impact of related party transactions on the company's financials. Keep an eye on the company's net profits to assess the impact of commission payouts to the Whole-time Director and Vice Chairman.
SPML Infra Approves Issuance of 11.44 Lakh Shares to NARCL via Debt Conversion
SPML Infra Limited held an Extraordinary General Meeting (EGM) on December 10, 2025, to approve key financial restructuring measures. The primary resolution involved the issuance of 11,44,436 equity shares to the National Asset Reconstruction Company Limited (NARCL) by converting existing debt on a preferential basis. This move is aimed at reducing the company's debt burden and improving its balance sheet health. Additionally, shareholders considered a proposal for additional remuneration for Nominee Director Mr. Tharuvai Venugopal Rangaswami.
Key Highlights
Issuance of 11,44,436 equity shares to National Asset Reconstruction Company Limited (NARCL).
Debt-to-equity conversion on a preferential basis to manage existing loan obligations.
Approval sought for additional remuneration to Nominee Director Mr. Tharuvai Venugopal Rangaswami.
Remote e-voting was conducted from December 7 to December 9, 2025, prior to the EGM.
The meeting was chaired by Managing Director Mr. Abhinandan Sethi via video conferencing.
💼 Action for Investors
Investors should monitor the final voting results as this debt-to-equity conversion helps in deleveraging the company's balance sheet. While it leads to equity dilution, the reduction in interest-bearing debt is generally a positive sign for infrastructure firms.
Thermax Wins Legal Battle: Bombay HC Sets Aside Rs 250 Crore Arbitral Award
Thermax Limited has received a favorable ruling from the Bombay High Court, which set aside a previous adverse arbitral award from June 2023. The original award had mandated the company to repair equipment and pay Rs. 173.72 crores plus interest, totaling an estimated impact of Rs. 250 crores. Following the High Court's decision, the claimant is now directed to refund Rs. 218.45 crores previously deposited by Thermax, along with 6% annual interest. Although a 4-week stay has been granted for the claimant to appeal, this is a significant reversal of a major contingent liability.
Key Highlights
Bombay High Court set aside the June 5, 2023, Arbitral Award that had a potential impact of Rs. 250 crores.
Claimant ordered to refund the entire deposit of Rs. 218.45 crores to Thermax.
The refund will include an additional interest of 6% per annum on the deposited amount.
The court has granted a 4-week stay on the operation of the judgment to allow the claimant to seek appellate remedy.
💼 Action for Investors
Investors should view this as a significant positive development that strengthens the balance sheet by recovering over Rs. 218 crores. Monitor for any further appeals by the claimant in the Supreme Court during the 4-week stay period.
AIA Engineering Subsidiary Acquires Additional 14% Stake in VEGA MPS PTY
AIA Engineering's wholly-owned subsidiary, Vega Industries (Middle East) FZC (Vega ME), has acquired an additional 14% stake in VEGA MPS PTY LIMITED (VMPS), Australia, for AUD 5,639,184. This acquisition increases Vega ME's total stake in VMPS to 70%, completing the acquisition as per the agreement dated August 3, 2023. VMPS's turnover for FY 2024-25 was AUD 34.25 million with a profit of AUD 5.92 million. The acquisition aims to strengthen AIA Engineering's mining liner business.
Key Highlights
Vega ME acquired an additional 14% stake in VMPS.
The acquisition cost was AUD 5,639,184.
Vega ME now holds 70% shares in VMPS.
VMPS turnover for FY 2024-25 was AUD 34.25 Mn.
VMPS profit for FY 2024-25 was AUD 5.92 Mn.
💼 Action for Investors
Investors should monitor the performance of VMPS and its contribution to AIA Engineering's overall revenue and profitability. Keep an eye on future announcements related to this acquisition and its impact on the company's mining liner business.
Globe Civil Projects Secures ₹2.37 Crore Order for GGSIPU Sports Complex
Globe Civil Projects Limited has received a Letter of Award from Guru Gobind Singh Indraprastha University (GGSIPU) for a project worth ₹2.37 crore. The contract involves providing flooring, light fixtures, and allied works for an indoor sports complex in Dwarka, New Delhi. Notably, the project has an extremely short execution timeline of just 45 days, which could lead to rapid revenue recognition. The bid was accepted at 0.21% below the university's estimated cost.
Key Highlights
Total contract value is ₹2,37,44,655 (approximately ₹2.37 Crore).
Project involves specialized flooring and lighting works for GGSIPU's Indoor Sports Complex.
Tight execution period of 45 days from the date of commencement.
The bid was won at 0.21% below the estimated cost of ₹2.38 Crore.
Performance guarantee of ₹11.87 Lakhs is required within 7 days.
💼 Action for Investors
Investors should monitor the company's ability to execute this short-term project within the 45-day window to ensure quick cash flow. While the order value is relatively small, it demonstrates steady business development in the domestic infrastructure space.
Titan Proposes Appointment of Ajoy Chawla as Managing Director for 5-Year Term
Titan Company Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Ajoy Chawla as the Managing Director. The proposed term is for five years, effective from January 1, 2026, through December 31, 2030. This follows his appointment as an Additional Director by the Board. Shareholders can cast their votes electronically between December 13, 2025, and January 11, 2026, with results expected by January 13, 2026.
Key Highlights
Appointment of Mr. Ajoy Chawla as Managing Director for a 5-year tenure starting January 1, 2026.
Remote e-voting period scheduled from December 13, 2025, to January 11, 2026.
Cut-off date for determining shareholder voting eligibility set as December 5, 2025.
The resolution includes approval for the remuneration package as recommended by the Board Nomination and Remuneration Committee.
💼 Action for Investors
Monitor the transition in leadership to ensure continuity in the company's growth strategy. Shareholders should participate in the e-voting process before the January 11, 2026 deadline.
Tenneco Clean Air India Q2FY26 Value-Added Revenue up 8.9% YoY
Tenneco Clean Air India Limited reported an 8.9% year-on-year increase in value-added revenue for Q2FY26, reaching ₹11,515 million. EBITDA for the quarter rose by 5.7% to ₹2,168 million, with a margin of 18.8%. PAT increased by 9.9% to ₹1,507 million, representing a 13.1% margin. The company secured new strategic wins of ₹98.4 billion in incremental lifetime bookings, including ₹17.6 billion from exports.
Key Highlights
Value-Added Revenue for Q2FY26 grew 8.9% year-on-year to ₹11,515 million.
EBITDA for Q2FY26 was ₹2,168 million, with a margin of 18.8%.
New strategic wins of ₹98.4 billion in incremental lifetime bookings secured.
Exports contribute ₹17.6 billion to the new bookings.
H1FY26 EBITDA was ₹4,457 million, with strong margins at 19.2%
💼 Action for Investors
Investors should note the company's strong revenue growth and strategic wins, indicating positive future performance. Monitor the execution of these new bookings and their impact on future earnings.
Le Merite Exports Q2 PAT Jumps 175% YoY to ₹4.41 Cr; Transitions to Ind AS Reporting
Le Merite Exports Limited reported a strong surge in profitability for the quarter ended September 30, 2025, with PAT rising to ₹4.41 crore from ₹1.61 crore in the same period last year. This growth comes despite a 9.3% dip in quarterly revenue, indicating significant margin expansion. The company has officially transitioned to Indian Accounting Standards (Ind AS) as its paid-up capital crossed the ₹25 crore threshold following warrant conversions in October 2025. For the first half of FY26, the company recorded a PAT of ₹8.71 crore, a substantial increase from ₹2.06 crore in H1 FY25.
Key Highlights
Net Profit for Q2 FY26 surged 175% YoY to ₹4.41 crore compared to ₹1.61 crore in Q2 FY25.
Revenue from operations for Q2 FY26 stood at ₹98.21 crore, down from ₹108.28 crore in the year-ago quarter.
H1 FY26 PAT reached ₹8.71 crore, representing a massive jump from ₹2.06 crore in H1 FY25.
Transitioned to Ind AS reporting standards following the increase in paid-up capital beyond ₹25 crore.
Basic Earnings Per Share (EPS) improved to ₹1.82 for the quarter from ₹0.68 in the previous year's corresponding quarter.
💼 Action for Investors
Investors should view the sharp improvement in net margins and the transition to Ind AS as positive developments for transparency and efficiency. Monitor the company's ability to maintain these margins if revenue growth remains subdued in the coming quarters.
KSR Footwear Board Meeting Outcome: Financial Results & Office Shift
KSR Footwear Limited's board meeting on December 10, 2025, approved the unaudited standalone financial results for the quarter and half-year ended September 30, 2025. These results were reviewed and recommended by the Audit Committee. The board also approved the shifting of the registered office effective December 10, 2025, from Kolkata to the Panpur factory located at "25l1, 2512& 2513, Panpur Road, Mouza - Madra!, P.O. Narayanpur, P.S.- Jagatdal, 24 Parganas (N), West Bengal - 743L26". The meeting commenced at 12:30 p.m. and concluded at 1:15 p.m.
Key Highlights
Unaudited Standalone Financial Results approved for quarter and half year ended September 30, 2025
Registered office shifting effective December 10, 2025
Registered office shifting to "25l1, 2512& 2513, Panpur Road, Mouza - Madra!, P.O. Narayanpur, P.S.- Jagatdal, 24 Parganas (N), West Bengal - 743L26"
Board meeting commenced at 12:30 p.m. and concluded at 1:15 p.m.
💼 Action for Investors
Investors should review the detailed financial results for the period ended September 30, 2025, available on the company website. Keep an eye on any further announcements related to the registered office relocation.
Manomay Tex India Receives New Export Orders Worth ₹60 Crores
Manomay Tex India Limited has announced that it has received new export orders worth approximately ₹60 Crores. These orders are for the manufacturing of Spinning Yarn and Denim (Cotton) Fabric. The orders are from international clients in Latin America, China, and Bangladesh. The company expects to execute these orders on or before August 30, 2026.
Key Highlights
Received new export orders worth approximately ₹60 Crores.
Orders for Spinning Yarn and Denim (Cotton) Fabric.
Orders to be executed on or before August 30, 2026.
International clients from Latin America, China, and Bangladesh.
💼 Action for Investors
This new export order is a positive sign for Manomay Tex India. Investors should monitor the company's progress in fulfilling these orders and its impact on revenue and profitability.
RCF: Bombay HC sets aside arbitral award, ₹218.46 Cr refund ordered
The Bombay High Court has set aside an arbitral award favoring Rashtriya Chemicals and Fertilizers Limited (RCF) in a dispute with Thermax Limited. The court has directed RCF to refund ₹218,45,88,493 to Thermax, along with 6% interest per annum. This relates to a case regarding the breakdown of two Gas Turbo Generators. RCF is reviewing its options to protect the company's interests. The company has been granted four weeks to avail appropriate remedy.
Key Highlights
Bombay HC set aside arbitral award dated June 5, 2023
RCF to refund ₹218,45,88,493 to Thermax
Interest of 6% p.a. to be paid on the refunded amount
Order date: December 9, 2025
💼 Action for Investors
Investors should closely monitor RCF's legal strategy and potential financial impact of the refund and interest payment. This development introduces uncertainty and could affect future earnings.
Dhanuka Agritech Receives Rs 121.32 Crore GST Demand Order
Dhanuka Agritech has received a GST demand order from the Central Goods & Service Tax authority in Ahmedabad totaling Rs 121.32 crore. The demand consists of a tax component of Rs 60.66 crore and a penalty of Rs 60.66 crore. The dispute centers on the classification of products as fertilizers (5% GST) versus plant growth regulators (18% GST). The company believes the demand is not maintainable and is preparing to file an appeal, stating there is no immediate impact on operations.
Key Highlights
Total demand of Rs 121.32 crore includes Rs 60.66 crore tax and Rs 60.66 crore penalty
Dispute involves classification of products under HSN 3101 (5% GST) vs HSN 3808 (18% GST)
The order was received from the office of the Central Goods & Service Tax, Ahmedabad on December 9, 2025
Company is evaluating legal options and intends to file an appeal against the adjudicating authority
💼 Action for Investors
Investors should monitor the legal proceedings as the demand amount is significant; however, the company's intent to appeal suggests no immediate cash outflow.
Hubtown Reports Rs 3,547 Cr Pre-Sales; Strategic Merger to Boost Dev Value to Rs 1,300 Bn
Hubtown Limited has reported robust year-to-date pre-sales of ~Rs. 3,547 crores, representing a 19% YoY growth. The company is executing a strategic merger of three marquee ultra-luxury projects into the listed entity, which is expected to increase its total development value from Rs. 850 billion to Rs. 1,300 billion. Furthermore, the company has significantly strengthened its balance sheet by reducing listed entity debt by 69%, from Rs. 34.3 billion to Rs. 10.6 billion. With a launch-ready land bank of 23.1 million sq. ft., Hubtown is positioning itself as a dominant player in the South Mumbai ultra-luxury segment.
Key Highlights
Achieved YTD pre-sales of ~Rs. 3,547 crores, a 19% YoY growth compared to FY25 performance.
Strategic merger of 25 West, 25 South, and 25 Downtown projects to increase development value to Rs. 1,300 billion.
Reduced listed entity debt by 69%, bringing the total down from Rs. 34.3 billion to Rs. 10.6 billion.
Maintains a launch-ready land bank of 23.1 million sq. ft. across premium and ultra-luxury segments.
Project '25 West' is currently debt-free, while '25 South' is already over 90% sold.
💼 Action for Investors
Investors should take note of the massive deleveraging and the value-accretive merger of high-end projects into the listed entity. The stock warrants a positive outlook given the strong pre-sales momentum and the significant reduction in financial risk.
Sumit Woods Board Meeting Outcome: Unaudited Financial Results Approved
Sumit Woods Limited's board meeting on November 14, 2025, approved the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025. The total income for the quarter ended September 30, 2025, stood at ₹1,268.27 Lakhs. The company's net profit for the period was ₹55.36 Lakhs. The Earnings per share (EPS) was ₹0.75.
Key Highlights
Total Income for the quarter ended September 30, 2025: ₹1,268.27 Lakhs
Net Profit for the period: ₹55.36 Lakhs
Earnings per share (EPS): ₹0.75
Revenue from Operations for the quarter ended September 30, 2025: ₹1,091.89 Lakhs
Total Equity as at September 30, 2025: ₹15,252.54 Lakhs
💼 Action for Investors
Investors should review the detailed financial results and compare them with previous periods to assess the company's performance. Monitor the company's future announcements for updates on its financial performance and business outlook.
India Ratings Upgrades Can Fin Homes Long-Term Rating to 'IND AAA' with Stable Outlook
India Ratings (Ind-Ra) has upgraded Can Fin Homes' long-term issuer rating to 'IND AAA' from 'IND AA+', the highest possible credit rating. This upgrade follows a change in rating approach after the RBI lifted restrictions on overlapping business lines, strengthening the expectation of support from parent Canara Bank. The company maintains a healthy AUM of INR 396.57 billion with a stable Return on Average Assets (RoAA) of 2.3%. While leverage remains higher than peers at 6.7x, it has shown a consistent downward trend from 8.2x in FY22.
Key Highlights
Long-Term Issuer Rating upgraded to 'IND AAA' from 'IND AA+' with a Stable outlook.
Assets Under Management (AUM) grew 8.4% YoY to INR 396.57 billion as of September 2025.
Gross Stage 3 assets remain well-controlled at 0.94% with Net Stage 3 at 0.50%.
Net Interest Margin (NIM) improved to 4% in 1HFY26 from 3.7% in FY25.
Liquidity remains adequate with unutilised bank facilities and working capital limits of INR 99.68 billion.
💼 Action for Investors
The upgrade to AAA status is a significant milestone that will likely reduce the company's cost of borrowing and improve competitive positioning. Investors should view this as a de-risking event that reinforces the company's financial stability and strong parentage support.
CreditAccess Grameen to Issue Bonds & Debentures up to ₹1500 Crore
CreditAccess Grameen Limited's board has approved the issuance of foreign currency bonds and non-convertible debentures on a private placement basis. The fundraising includes various types of bonds and debentures, both listed and unlisted, secured and unsecured. The aggregate limit for the issuance is set at ₹1500,00,00,000 (₹1500 Crore). These securities will be issued in one or more tranches or series, offering flexibility in raising capital from domestic and foreign markets.
Key Highlights
Issuance of foreign currency bonds of various types on a private placement basis.
Issuance of non-convertible debentures up to ₹1500,00,00,000.
Debentures may be listed on BSE Limited or National Stock Exchange of India Limited.
Bonds are proposed to be listed on NSE IFSC Limited (“NSE IX”) / India International Exchange (IFSC) Limited (“India INX”).
💼 Action for Investors
Investors should monitor the terms and conditions of the bond and debenture issuances, including coupon rates and maturity dates, as they become available. Keep an eye on the company's financial performance and how these funds are utilized to support future growth.
NTPC adds 6.6 MW Wind Capacity via NTPC Green Energy Ltd
NTPC Limited announced that a group company of its subsidiary, NTPC Green Energy Limited, has declared the Commercial Operation Date (COD) for a part capacity of 6.6 MW (Wind). This addition will be effective from December 11, 2025. Following this development, the total installed and commercial capacity of the NTPC group will increase to 84,931 MW. This expansion indicates NTPC's continued focus on renewable energy and increasing its overall power generation capacity.
Key Highlights
6.6 MW of Wind capacity added
NTPC Green Energy Limited is a subsidiary involved
Effective COD: December 11, 2025
Total NTPC group capacity reaches 84,931 MW
💼 Action for Investors
Investors should note NTPC's increasing renewable energy footprint and monitor the contribution of NTPC Green Energy Limited to the company's overall performance. This expansion could positively influence investor sentiment towards NTPC's commitment to sustainable energy.
Supreme Infra secures ₹71.31 Crore contract for excavation work
Supreme Infrastructure India Limited has secured a contract worth ₹71.31 crore for major excavation and shore piling works at One Forest Avenue, Powai. The contract was awarded by BSS Property Ventures Private Limited and Rajeshwar Property Ventures Private Limited. The project involves excavation of 4,50,000 Cubic Meters and shore piling with an average depth of 15 meters. The project is expected to be completed in 12 months and represents the first phase of a larger development.
Key Highlights
Secured contract of ₹71.31 Crore
Excavation of 4,50,000 Cubic Meters
Shore piling with an avg depth of 15 meters
Project to be completed over a period of 12 months
💼 Action for Investors
This new contract is a positive sign for Supreme Infrastructure. Investors should monitor the company's progress in executing this project and its impact on future revenue.
Balu Forge Launches 100% Make-in-India Automated Empty Shell Production Line
Balu Forge Industries has commenced operations of its 100% indigenously built empty shell production line in Belgaum, Karnataka. The line has an annual production capacity of 360,000 shells for large calibre ammunition projectiles. This enhances Balu Forge’s capability to deliver advanced machining solutions for critical applications in the defence industry. The forging line has achieved near 100% automation powered by FANUC Robotics, with a cycle time of 55 seconds.
Key Highlights
Annual production capacity of 360,000 shells
Near 100% automation powered by FANUC Robotics
Forging line cycle time of 55 seconds
Facility spread over a 46+ acre campus
💼 Action for Investors
Investors should monitor Balu Forge's progress in expanding its defence production capabilities and its impact on revenue growth. Keep an eye on future announcements regarding new production lines and partnerships.
DGCA Orders 10% Cut in IndiGo's Domestic Winter Schedule 2025
InterGlobe Aviation Limited (IndiGo) has received a directive from the DGCA to reduce its domestic winter schedule for 2025 by 10% across all sectors. This follows an earlier communication on December 8, 2025, which initially proposed a 5% reduction before being revised to 10% on December 9, 2025. Such a reduction in capacity during the peak winter travel season is likely to impact the company's operational volume and revenue. The airline has confirmed the receipt of the notice and has made the necessary regulatory disclosures.
Key Highlights
DGCA mandated a 10% reduction in the domestic winter schedule for 2025.
The cut applies across all sectors, impacting the airline's total domestic capacity.
The reduction percentage was increased from an initial 5% to 10% within 24 hours.
The directive was officially communicated to the company on December 9, 2025.
💼 Action for Investors
Investors should prepare for short-term volatility as the market factors in reduced capacity during a peak season. Monitor if the airline can maintain margins through higher yields despite the volume cut.